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Nirav Modi illegally diverted SEZ diamonds worth Rs 1,216 cr to domestic market: I-T Dept

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New Delhi, Feb 19 (IANS) The Income Tax department has found that in the last financial year the Nirav Modi group had illegally diverted Rs 1,216 crore of diamonds meant for export from its special economic zone to the domestic market, selling them in cash.

The Director-General of Income Tax (Investigations) had found that in 2016-17, the group which had units at the Surat SEZ diverted high quality diamonds imported for processing and export, to the domestic market for huge profit. Instead, low-quality diamonds were exported to associate units abroad to keep up the appearances.

Nirav Modi and his uncle Mehul Choksi, along with directors of the Modi and Gitanjali groups are under investigation by the Central Bureau of Investigation and the Enforcement Department for allegedly committing fraud amounting to Rs 11,300 crore against Punjab National Bank, whose Letters of Undertaking and Foreign Letters of Credit were illegally used to raise and rollover money. Both Modi and Choksi, along with other family members left the country in January this year.

The DGIT (Inv) also found in its probe that the group had claimed deduction on 100 per cent of the profits from exporting diamond as allowed under section 10AA of the Income Tax Act for the SEZ. It had claimed deductions to “the tune of hundreds of crores in last six years,” the report by DGIT (Inv) said.

“The assessee has not been able to explain the reason for the drastic difference in valuation satisfactorily,” the investigative wing of the Central Board of Direct Tax said in its report. It also said that availing of deduction under 10AA was wrong.

“The difference in stock valuation of SEZ units has been worked out to the tune of Rs 1,216.31 crore in financial year 2016-17 which represents the unaccounted sale of imported diamonds diverted to domestic markets,” the report said.

The DGIT (Inv) raided Nirav Modi’s premises and offices in Surat’s SEZ in January 2017.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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